Hello, the net fund value refers to the net assets held by each fund that can be realized immediately. The transaction price of funds is closely related to the net value of funds, but there are other factors that affect the transaction price of funds. Whether you can arbitrage depends on whether you can cash the difference. If there are convenient cash-out channels, there will be no big arbitrage opportunities. The difference will be small and the funds will automatically eliminate the risk-free arbitrage difference. Tongqing B This fund has stopped subscription and redemption, so it is a channel where the transaction price is obviously lower than the net value of the fund and you have not cashed it. There are other old closed-end funds that have been discounted for a long time, and now the discount is in a historically low area. The discount of the fund is a reflection of investors' doubts about the profitability of the fund. In fact, not only the transaction price of the fund will be lower than the net value of the fund, but also the transaction price of the stock may sometimes be lower than the realizable assets held by itself, which will increase a lot after the bear market period of the stock.